Saving money is the most important part of building wealth. Families with robust savings have more financial security and freedom, and savings can compound over time. That’s why it’s so critical for families to start saving, and to do it together. That’s Goalsetter’s mission, and why Goalsetter has a free family savings app.
What is Goalsetter?
Goalsetter is a financial literary and planning platform designed for savers of all ages. Not only is it designed to help families save money, but it also helps teach kids and teens valuable financial lessons.
Goalsetter doesn’t just give you a savings account, it gives you the tools to build up savings over generations. These aspects set Goalsetter apart from the average saving app, and the additional features the platform offers make it worth trying for anyone.
How Goalsetter Works
To sign up for Goalsetter, all you need to do is make an account and link your bank. Then you can invite your family to save with you!
Goalsetter has a few key features, all of which help strengthen your family and finances.
- A savings account for each family member (FDIC-insured up to $250,000)
- Family Circle Savings: family members can contribute to other’s accounts
- Smart Debit Cards: cards for teens and kids that are locked until they pass a short, fun financial literacy quiz each week
- Allowance setting: parents can easily allocate recurring cash to their kids
- Round-Ups: your purchases are rounded up to the nearest dollar, and the change is deposited into your savings
- Auto Save: set a certain amount to be moved to your savings each month or week
All in all, Goalsetter centralizes your family’s finances and makes everything easy to manage. You can quickly send your kids their allowances, manage your own spending, and build your savings account through the platform. Almost everything circles back to teaching kids the importance of financial literacy, a skill everyone should have.
Why Saving is So Important
Saving is important for a number of reasons, and encouraging your kids to save money early can help set them up for success. Savings accounts don’t need to start with hundreds or thousands of dollars. Over time your savings, even if you start with just $10, can grow like a snowball rolling down a hill into something huge. For many, the hardest part is getting started though. Goalsetter provides a boost when you’re getting off the ground.
Not only does a strong savings account help your future, but it can also help you in a pinch in the present too. Building an emergency savings fund is a critical step toward building financial security. Many Americans are unable to afford a sudden $400 cost, like a medical bill or car repair. Your savings account can serve as a backstop to protect you from dipping into your checking account when you need to cover unexpected bills.
On Juneteenth, Goalsetter launched the #SavingOurselves initiative, committing to getting one million African American children to sign up for the platform. Tanya Van Court, the founder of Goalsetter, told UrbanGeekz that financial independence is the key to closing the racial wealth gap.
“I believe that now, COVID more than anything has highlighted for us the need to strive towards financial independence as individuals, as families, and as a community, so that we can have more power over our choices,” she said.
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